Economics can seem like an odd collection of subjects, from prices and pollution to banks, unemployment and government borrowing. This guide builds an economy from scratch to show how these topics fit together, why economics exists and what economists actually do.

Scarcity is one of the first and most important ideas in Economics. Discover what economists really mean by scarcity, why limited resources force individuals, businesses and governments to make choices, and how this leads to opportunity cost.

Every choice means giving something else up. Economists call the value of the next best alternative opportunity cost. This article explains how opportunity cost affects everyday spending, business investment and government decisions—and why the true cost of a choice is not always its price.

Economics is much more than money, banks and the stock market. Discover why economists study choices, scarcity and opportunity cost, and how these ideas help explain the world around us.